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Spring is coming in hot in the Sunnyvale real estate market! Buyers are competing against multiple offers for practically every listing in this red hot seller’s market. Here are a few quick points from the single family home market below:

  • The sale to list price ratio heats up again with homes selling on average at 113% of asking. That’s a raging sellers market!
  • Properties are selling quickly with an average time on market of only 10 days.
  • Active inventory is a little short of where it was a year ago, but sales and sale pendings are much higher.

First a quick note before we dive into the Sunnyvale real estate market trends and statistics. A lot has changed since last March and while a reaction to the pandemic is visible in this data and analysis it will take a long time for us to see the full impact on the market. To read more about how the pandemic is affecting real estate sales, please read my post: Coronavirus impact on real estate sales.

Last spring, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM) between March 17th through roughly May 17th. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory for those past months, but not current data.

Sunnyvale Real Estate Market Trends and Statistics

Just now I pulled the March sales of single family homes for the Sunnyvale real estate market trends and statistics. In that time the MLS reports there were 62 single family homes (mostly houses, but possibly duet homes) that closed escrow. The range in sale price was from $1,000,000 to $3,490,000 (31 sold between $1 – $2 mil, and the other 31 sold between $2.01 – $3.49 mil). For this Sunnyvale group:

  • the average list price came in at $1,790,550
  • average sale price was $2,016,960 – over $226K more!
  • average age 56 years
  • average square footage 1,663 SF
  • average lot size 6,338 SF
  • average days on market 16 (up from 15 last month)
  • average price per SF for all 22 houses: $1,245.32 (down from $1,265.60 the month before)

Not all homes sold $226K over list price, however. Here’s a bit more data on that part of the Sunnyvale housing market.

There were 55 homes (out of 62, or roughly 89%) which sold in 14 days or less. Of those hot listings, the average list price was $1,819,131 and average sale price $2,072,118, that’s almost $253K more! Only 3 of these properties sold below list price, 2 at asking, and the remaining 50 sold above. Home size average 1,693 SF and lot size average 6,390 SF, so slightly larger homes on larger lots compared to the whole. It seems that if the home sells quickly, in two weeks or less, the odds are better for a higher sale. Price per SF for the fast sales group: $1,260.92, or $15.60/SqFt higher than the total market average.

If we focus on just the slower 15 days or more to sell homes, the numbers are all bleaker for sellers and better for buyers. The days on market for this group ranged from 16 days – 370 days! Most took between 5 – 2.5 weeks. Among those 7 sales, 4 sold above list price and 3 sold below asking price. Their average list price (may include price reductions) was $1,565,984, and average sale price was $1,583,571 or a little under $17.6K above list price. Average price per SF $1,122.71, or a whopping $122.61/SqFt less than the total market average!

This kind of result is why Realtors so often try to get the home sold fast. We can look for similarities between the slower selling homes compared to the faster ones, and sometimes pinpoint what market is selling best, perhaps by price or age of house. Maybe they are a little more remodeled or in a slightly better area? It would be a longer study to pick that apart, but it is worth noting the correlation between the speed of the sale and the list to sale price difference.

The sale price to list price ratio is all over the board when houses are viewed individually as opposed to by how fast they sell alone.

The Sunnyvale real estate market also varies by location (east of El Camino is generally not as desirable as west of it), school district (the portion with Cupertino schools is likely the strongest part of the market), and as mentioned above, price point. Being too close to train tracks, being in a flood plain, or other location issues will make it more challenging to sell.

Do you find this kind of info useful? If so, I’d love to hear from you – my email address is mary@popehandy.com. Please tell your friends, especially if they are interested in buying or selling residential property here!

The Real Estate Report numbers for Sunnyvale (entire city), single family  homes

Feel free to visit the same statistics, trends, and more at my ReReport page.

(If you’re viewing this on a mobile phone, swipe horizontally to see the full chart if it goes off the screen.)

Sunnyvale realty market statistics

Trends At a Glance Mar 2021 Previous Month Year-over-Year
Median Price $2,020,000 (+1.5%) $1,990,000 $1,965,000 (+2.8%)
Average Price $2,037,590 (+13.4%) $1,797,340 $1,950,010 (+4.5%)
No. of Sales 55 (+175.0%) 20 40 (+37.5%)
Pending 62 (+19.2%) 52 35 (+77.1%)
Active 24 (-4.0%) 25 30 (-20.0%)
Sale vs. List Price 113.0% (+1.4%) 111.4% 110.4% (+2.4%)
Days on Market 10 (-31.9%) 15 17 (-36.8%)
Days of Inventory 13 (-61.2%) 34 23 (-41.8%)

March was distinctly hotter this year than in 2020. Sales more than doubled from the month before, pending sales also grew, and both remain well above last year. Active inventory, on the other hand, slipped a hair month-over-month and falls short of March 2020. The days on market show homes are selling at breakneck speeds with a 10 day average turnover and soaring above asking with a blazing hot sale to list price ratio of 113%. It is a raging hot seller’s market for Sunnyvale homes!

And from last month:

Trends At a Glance Feb 2021 Previous Month Year-over-Year
Median Price $1,990,000 (+2.1%) $1,950,000 $1,901,000 (+4.7%)
Average Price $1,797,340 (-8.3%) $1,959,100 $1,900,380 (-5.4%)
No. of Sales 20 (-39.4%) 33 13 (+53.8%)
Pending 52 (+85.7%) 28 39 (+33.3%)
Active 25 (+8.7%) 23 26 (-3.8%)
Sale vs. List Price 111.4% (+5.4%) 105.7% 110.9% (+0.5%)
Days on Market 15 (-42.8%) 27 45 (-65.7%)
Days of Inventory 34 (+61.4%) 21 56 (-39.7%)

 

(If this is too wide for a mobile device, you might try viewing the whole report this graph was taken from in PDF. Click to see the Real Estate Report for Santa Clara County updated monthly.) And here’s a view at a glance of how Sunnyvale compares to other towns or cities in Santa Clara County / Silicon Valley:

Single Family Homes in Santa Clara County - real estate stats by city

As we can see in the chart above, Sunnyvale is typically priced right in the middle of the market across all cities within the county, it consistently in the upper-quarter of sale to list price ratios, and for the second month in a row it’s the highest by a good deal! Sunnyvale is an especially hot market within Santa Clara county.

Next up, the live data from Altos Research, updated weekly (uses LIST prices, not sale prices FYI)

Sunnyvale SFH Real-Time Market Profile

As of the latest update (April 6th) the chart shows that Sunnyvale is in a strong seller’s market with sky high market action. Homes are listed from around $1-$2.5 million on average (and we know from earlier charts that this is usually the best selling range).

Want more info on the weekly trends and stats? You can view Altos data and analysis on Sunnyvale as a whole OR by zip code.

What about the Sunnyvale condo and townhome market?

The real estate market for the condominiums and townhouses in Sunnyvale is heating up right now, much like the housing market.

The closed sales (as seen on the Sunnyvale RE Report for condos and townhomes) show that properties are selling close to list price in this segment of the market, but are nowhere near as hot as houses.

Sunnyvale Condo & Townhouse Market Trends at a Glance

Trends At a Glance Mar 2021 Previous Month Year-over-Year
Median Price $1,180,000 (-10.9%) $1,325,000 $1,140,000 (+3.5%)
Average Price $1,162,760 (-7.2%) $1,253,520 $1,109,780 (+4.8%)
No. of Sales 44 (+41.9%) 31 20 (+120.0%)
Pending 57 (0.0%) 57 14 (+307.1%)
Active 35 (+12.9%) 31 20 (+75.0%)
Sale vs. List Price 103.8% (+0.8%) 103.0% 103.2% (+0.6%)
Days on Market 28 (+10.9%) 25 14 (+93.4%)
Days of Inventory 24 (-11.6%) 27 30 (-20.5%)

Sunnyvale condos are in a calmer market than houses, with fewer and smaller overbids and a longer days on market. But this is still a clear seller’s market. Sunnyvale condos have more active listings year-over-year, and also much higher number of sales and sales pending – more than double for both! The sale to list price ratio is a hot 103.8% and homes are selling in an average of 28 days. This is a hot seller’s market, although distinctly milder than the single family housing market.

And from last month:

Trends At a Glance Feb 2021 Previous Month Year-over-Year
Median Price $1,325,000 (+4.7%) $1,265,000 $1,215,500 (+9.0%)
Average Price $1,253,520 (+9.3%) $1,146,920 $1,127,380 (+11.2%)
No. of Sales 31 (+63.2%) 19 26 (+19.2%)
Pending 57 (+21.3%) 47 23 (+147.8%)
Active 31 (-16.2%) 37 15 (+106.7%)
Sale vs. List Price 103.0% (+3.0%) 100.0% 99.4% (+3.6%)
Days on Market 25 (-27.1%) 34 19 (+29.9%)
Days of Inventory 27 (-53.8%) 58 16 (+67.1%)

 

How does the housing market in Sunnyvale stack up compared to Cupertino, Mountain View, and other places?

(If this is too wide for a mobile device, you might try viewing the whole report this graph was taken from in PDF. Click to see the Real Estate Report for Santa Clara County updated monthly.)

Santa Clara County condo market real estate stats by city

Condos in Sunnyvale are regularly in the upper-half (occasionally the upper-quarter) for price in the county. This month they’re right in the middle for pricing and the sales vs list price ratio.

And finally, the live Altos Research info (updated automatically each week – using list prices, not sold prices)

Sunnyvale Condo and Townhouse Real-Time Market Profile

In the most recent update (as of writing, April 6th), Sunnyvale condos are in a strong sellers market with growing market action and shrinking inventory and days on market.

Use this link to see the Altos weekly report for condos and townhomes in the City of Sunnyvale, or navigate to your preferred zip code there or anywhere in the region. Like the info? Sign up to get it in your email box each week.

Sunnyvale, like the rest of Santa Clara County, has its own micro markets. The areas by 237 and 101 will be a different home selling or buying experience than those west of El Camino Real or along the Los Altos border. Want to buy or sell in Sunnyvale? Please call or email me to set up a time to meet or talk by phone (no obligation, no pressure – I dislike pushy people as much as you do).

Related Reading:

City of Santa Clara real estate market

Cupertino Real Estate Market Trends and Statistics

The Evergreen area of San Jose

Did you overpay for your house?